Hair Study

RCH-01: Androgenetic Alopecia

In 2017, RepliCel completed a phase 1 human clinical trial of RCH-01 in patients with androgenetic alopecia. The study proved the product’s safety
and provided very promising indications of the product’s efficacy in terms of minimizing hair loss and increasing hair density in a subset
of patients. We are very excited about this product’s potential but have several steps to go yet before we can bring it to the market.

RepliCel’s partner, Shiseido Company, is currently funding a human clinical study of RCH-01 at Tokyo Medical University Hospital and Toho University
Ohasi Medical Center in Japan. The study is expected to complete the second half of 2018. This trial is only open to Japanese citizens. There
is a possibility the data from this study may be enough for Shiseido to decide to launch the product in Japan. All commercial decisions like
this (e.g., timing of product launch, pricing, etc) are for Shiseido to decide.

RepliCel is currently working with investigators at the University of British Columbia on a research study that is anticipated to provide improvements
to the technology related to manufacturing, product profiles, and clinical outcomes.

We will continue to keep our stakeholders informed as we evaluate the right time to move into our own phase 2 clinical trial of RCH-02 (likely
in Europe). If you are interested in signing up to stay informed or to register your interest in participating in a future trial (should one
be located in your area), please use the sign-up form here.

FAQs About RCH-01

We certainly expect to see better outcomes in future trials because the product is continuously being improved, finding the best dose should deliver better results, and we expect to see greater hair density increases when we are permitted to test multiple rounds of injections.

In short, we are not yet in a position to adequately predict this. RepliCel recently completed phase 1 human clinical trials of all its products currently in development, including RCH-01. In most countries, it takes completing at least three phases of clinical trials to obtain approval to market a product.

Japan has recently created rules by which certain cell therapies may be commercially launched much faster than is the case in most countries. This has fueled speculation that RCH-01 may be put on the market after the current trial being conducted in Japan is completed sometime in 2018. While this is a possibility there is not guarantee this will happen for a host of reasons. Stay tuned!